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Suwanee, GA, Market Report, January 2012

Friday, 10 February 2012 08:00
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Market stats for Suwanee, GA, January, 2012 indicate that there are 440 properties on the market (down from 468 last month).  Overall, there is about an 7.9 month supply of properties (up from 6.7 last month).  January had 40 sales. Compared to January, 2011 (35), this year was a stronger.  Inventory was down compared to 2011 (582).  The last six months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  January was much weaker than December, but still much stronger than the previous year.  It will be interesting to see if the strength carries through next month.

In the Under $200k arena, there are 131 listings in Suwanee, GA, with about a 4.4 month supply (152 and 4.0, respectively last year).  This January’s sales were ok, at 17 (15 last year).  This is definitely the strongest price segment in Suwanee.  December’s sales were at 46, and while January was up against the previous year, it wasn’t looking so hot month to month.  We’ll have to see what February brings.

Between $200k and $400k, there are 201 listings for sale (249 last year), and 8.4 months of supply.  Sales in January, 2012 were 16 (21 in December), compared with 16 for the same period in 2011.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 35-40 sales for the next couple of months.  This shouldn’t be a “peaky” market/price segment.  Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks.  Could be getting better… but not the last few months.

From $400k to $600k, there are 60 homes on the market.  The absorption rate is at 12.0 months (9.8 in December).  There were 5 sales in January (6 in December)… up by 3 compared to last January.  Looking at the three month average, there were 15 sales this year and 10 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months, but like the next lower price segment, dropped off heavily this month.  We should be looking at close to 12 sales for February… I was hoping (but not expecting) 10 for January.

In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (same as last month).  Sales at this level are not consistent, but there were 0 this month (0 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 0…  For the same time last year, the sales were 3.  With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county.  But until I see 2-3 sales a month on average, I can’t call this one strong.

The range from $800k to $1m, there are 6 homes listed and 18 months of inventory on the market. There were only 4 sales at this price level last year (1 in April, 2 in July and 1 in August) . This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough. But there still needs to be some sales activity.

In Suwanee, GA, Above $1m, there are 25 properties listed. The current absorption rate indicated about 25 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October, 0 for November, 1 for December and 2 for January). In this segment, we should be seeing reduced inventories… There were 24 homes listed in this segment at this time last year.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.

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Suwanee, GA, Market Report, December 2011

Monday, 16 January 2012 08:00
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Market stats for Suwanee, GA, December, 2011 indicate that there are 468 properties on the market (down from 502 last month).  Overall, there is about an 6.7 month supply of properties (down from 7.0 last month).  December had 74 sales.  Compared to 2010 (46), this year was a stronger.  Inventory was down compared to 2010 (548).  The last five months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  December was much stronger than last year, and from November (53 sales).  Obviously, I like seeing continued strength here.

In the Under $200k arena, there are 152 listings in Suwanee, GA, with about a 4.0 month supply (161 and 5.0, respectively last year).  This December’s sales were solid, at 46 (just 13 last year).  This is definitely the strongest price segment in Suwanee.  I was looking for a solid follow-up to October’s 42 sales, but we didn’t get it in November.  Hopefully we’ll see a similar number of sales for January…

Between $200k and $400k, there are 209 listings for sale (249 last year), and 8.4 months of supply.  Sales in December, 2011 were 21 (31 in November), compared with 25 for the same period in 2010.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 35-40 sales for the next couple of months.  This shouldn’t be a “peaky” market/price segment.  Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks.  Could be getting better… but not this month.

From $400k to $600k, there are 59 homes on the market.  The absorption rate is at 9.8 months (10.1 in November).  There were 6 sales in December (4 in November)… up by 2 compared to last December.  Looking at the three month average, there were 18 sales this year and 11 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months, but like the next lower price segment, dropped off heavily this month.  We should be looking at close to 10 sales for January… I was hoping (but not expecting) 10 for December.

In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (12.8 last month).  Sales at this level are not consistent, but there were 0 this month (0 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 1…  For the same time last year, the sales were 3.  With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county.  But until I see 2-3 sales a month on average, I can’t call this one strong.

The range from $800k to $1m, there are 5 homes listed and 15 months of inventory on the market.  There were only 4 sales at this price level this year (1 in April, 2 in July and 1 in August) .  This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough.  But there still needs to be some sales activity.

In Suwanee, GA, Above $1m, there are 26 properties listed.  The current absorption rate indicated about 39 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October, 0 for November and 1 for December).  In this segment, we should be seeing reduced inventories…  There were 24 homes listed in this segment at this time last year.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.

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Duluth, GA, Market Report, November 2011

Monday, 09 January 2012 08:00
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Preliminary stats for Duluth, November, 2011 indicated that there were 439 properties on the market.  Overall, there is about an 7.4 month supply of properties.  Sales in November were 51, slightly down from 54 a year earlier.  But, sales were slightly down compared to the prior month (62).  Duluth had been slightly leading Gwinnett County as a whole, but not so much in October and November.

In the Under $200k arena, there were 168 listings in Duluth, GA, with about a 4.3 month supply.  The Absorption Rate two years ago, December, 2009, was in the low 5s.  Sales for November were up sharply this year v last year (28 v 25), but down compared to last month (44).  The Absorption Rate (A/R) is rocking most of the county… but sales have decelerated again this month, ever so slightly.

Between $200k and $400k, there are 121 listings for sale, and about 11.3 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the wrong way (up) since August.  Sales were WAY down compared to November, 2010 (8v 15) and compared to last month (12).  Duluth is a market that favors luxury, but this segment is not doing well…

From $400k to $600k, there were 50 homes on the market.  The absorption rate was around 11.5 months.  November brought in 8 sales.  There were 8 last year and 3 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still pretty weak, but it’s better than last month,

In the $600k to $800k arena, there were 40 listings, with about 10.9 months of supply.  Sales were 5 for November… 3 for November last year.  Month to month sales were better (5 v 3). After August’s performance (5 sales), I had been holding out some hope last month, but had to wait until this month to see the result I wanted.  Since Duluth does favor luxury sales, it looks better than the rest of the County.

In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 69 months of inventory on the market.  The 1 sale recorded for November was beaten by last year’s 2 but flat the 0 from last month.  Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R.  It isn’t as weak as that suggests… at least I hope it isn’t.

Above $1m, there were 37 properties listed.  The current absorption rate indicated about 28 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates.  There were 4 sales in the Sept-Nov period this year, and 5 for the same time last year.  Fall was weak last year, but we should be posting four sales a month here.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County.  It actually straddles the county line and has unincorporated portions in South Forsyth County.  The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address.  It is also home to Sugarloaf Country Club, a PGA stop until recently.  Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia.  It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the former Atlanta Thrashers practice facility (the Duluth Ice Forum).  There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

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I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, November 2011

Friday, 06 January 2012 08:00
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Market stats for Lawrenceville, GA, November, 2011, indicate that there were 1288 properties on the market.  Overall, there was about a 5.2 month supply of properties.  In 2010, sales for November were at 153, so 233 sales was a rocking increase, year over year.  Coupled with the decrease in inventory, things are looking great.  Normally they start weakening in September, but we are rolling right along… not quite as much as last month… but rolling, none the less.

For Lawrenceville, GA, Homes Under $200k, there are 1089 listings, with about a 4.7 month supply of homes.  Sales were way up from November 2010 (216 v 139).  This segment is easily the lion’s share of sales for the area.  With the 4.73 month A/R, it is solidly in Seller’s Market territory.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.  In September I was hoping that October would be a follow up… and it VERY much is what I was looking for… November reinforced that.

Between $200k and $400k, there are 174 listings for sale, and about 13.4 months of supply.  Oddly, this was one of the weaker segments in the county, again.  With as strong as the segment down was, this one was weak, again.  The 13 sales for October, 2011 were down from the 14 from last year.  Sales should have been closer to 25 units for November.  We are still solidly in Buyer’s Market territory here.

From $400k to $600k, there are 19 homes on the market.  The absorption rate is around 7.1 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were 4 sales for November, the Absorption Rate has dropped from 78 months in June, through good, but sporadic sales.  There were 0 sales in November, 2010.  This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 16.5 last month).  While the long term trend is looking better, it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 18 months of supply, again.  As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last three months. 

Between $800k and $1M, and Above $1M there are 0 homes listed (combined) and not enough sales data to give an accurate absorption rate.  There has only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta.  As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000).  It was incorporated in 1821.  Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters.  It is also home to Gwinnett Technical College and Georgia Gwinnett College.  Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy.  As a small boy he lived in Lawrenceville with his parents for a short time.  Lawrenceville was also home to Junior Samples.  Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.

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I have a page dedicated to Lawrenceville Market Data.

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Sugar Hill, GA, Market Report, November 2011

Friday, 30 December 2011 08:00
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Market stats for Sugar Hill, GA , November, 2011 indicates that there are 173 homes on the market.  Overall, there is about an 5.3 month supply.  There were 34 sales, compared to 18 last month and 15 last November.  The Absorption Rate (AR) actually increased, but that is largely due to the weakness last month.

For Sugar Hill homes priced under $200k, there are 124 listings, with about 5.2 months supply.  There were 29 sales this November, dramatically more than last year for the same time (10).  Last month there were 18 sales.  Inventories have been fluid, rising and falling.  Normally, this time of year we see inventories leveling out, but this month increased.

Sugar Hill Listings between $200k and $400k, there are 42 listings for sale, and about 31.5 months of supply.  Last November there was an 13.4 month supply.  Last November there were 5 sales, this year there were 2.  Last month also had none.  This segment is acting opposite of the under $200k segment, as well as opposite of stronger areas like Suwanee ($200k-$400k).

For listings in the $400k to $600k range, there are 4 homes on the market.  The absorption rate is around 4 months, but with 4 sales since last October (until November), it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference, and we had 3 more sales in November alone.  That brought the total sales for the year from 4 to 7.  There were only 3 sales in this segment last year.  I still hope to see some consistent activity in this segment.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there are only 3 homes listed for sale in that price range.  No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County.  The population is 2000 was 11,399, but that only included the area inside the city limits.  The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford.  And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby.  That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

I have a page dedicated to Sugar Hill Market Data.

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